Over the next five years, the world’s primary payment market infrastructures, including major central banks and Swift, which sits at the core of the financial ecosystem, will undergo significant transformational change in response to demands for increased automation and cost efficiencies, enhanced market integration and real-time services. Underpinning each of these modernisation programmes is the migration to ISO 20022.
It is a watershed moment. Not only does it lay the foundations for vastly improved payment processing efficiency and interoperability, its benefits are numerous from a customer experience and compliance perspective. The journey to ISO 20022 therefore has far-reaching implications for all banks; this is not simply another IT project.
